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Is it worth buying my first house in London at this particular time?

12 May 2022

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Question by Elena

Is it worth buying my first house in London at this particular time?


Answered by Oliver McDonald

Hi Elena,

Thank you for your message.

We cannot provide specific advice here, but hopefully, the information below will help.

The property market has certainly been buoyant over the past few years.

Why are you buying a property? If this is for an investment, then you'll need to complete your own research into the market. However, if you're buying a family home then the market shouldn't matter as much. If you're buying to live there for 10 years+, trying to predict where the current market will go isn't too important. Yes, the property market could fall after you purchase your home. But unless you're selling again shortly, this doesn't impact you - except for remortgaging etc.

There are plenty of people who were bearish on property in 2009 and just waited to buy. You can see how that worked out...

We moved to our new home just as the pandemic hit. Everyone was concerned about the market. The value is now up around 15%.

Hope that helps.

Many thanks

Oliver

Answered by

Oliver McDonald

Director & Independent Financial Adviser

I have worked in financial services for 15 years gaining extensive experience in financial planning. I am a people person. You will rarely find me explaining complex spreadsheets or using jargon. I keep my conversations at a high level and realised early on that financial planning is all about helping my clients achieve the lifestyle they want in future. I work with individuals, business owners and entrepreneurs. I specialise in retirement planning, investments and business protection.